“For longtime workers at the same company, this is a reality. Years of three percent raises will put you below your market value. Your employer will not be able to replace you without paying somebody else a much higher salary.”
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I worked at the same place for twenty years. After six years and 3 to 5 percent yearly raises, I discovered the job announcement to replace someone who had retired (same title and equal to my position) was at $8,000 more per year than my salary. I knew I was probably going to be one of the current employees to assist with her training. I was not happy and insisted on a raise to put me more in line with that pay. First though, I applied at another similar job elsewhere and had a job offer in hand before I went to HR.
Have a job offer in hand and if you are a valued employee, your employer will find a way to at least match it to keep you.
As a manager, I've had to do that a few times to keep key people.
What happened after your meeting with HR.
My daughter has a job that was promised as full-time. But they have been slow so they only had her working 15-20 hours a week. She told them she needed full time, but they said they didn’t have the need.
So she got another PT job. Now her first job has promised her 32 hours a week (and so far she is doing that) but she still works the other job.
It helps if one is a good worker. It also helps if one has some options and/or leverage to have your company want to keep you and not take advantage of you.
You don’t get what you deserve. You get what you negotiate.